News
Admiral CEO shares electric vehicle ambitions
As Admiral reported pre-tax profits of £597m from its UK insurance operations in 2023, CEO Milena Mondini De Focatiis revealed to Insurance Post the insurer’s ambitions to be a “leader in electric vehicles.”
Aviva cites ‘favourable’ PL rating as UK&I GI profits surge
Aviva has reported its UK and Ireland general insurance business grew gross written premiums by 16% while the provider’s operating profit surged 63% in 2023, and GI CEO Jason Storah said he is “confident” the business “will build on success” in 2024.
IPT haul helps Hunt fund 2p National Insurance cut
In today’s Budget documents, the Office for Budget Responsibility increased its estimated tax haul from insurance premium tax by more than £370m between 2023-24 and 2028-29.
Allianz Commercial bolsters regional distribution management
Allianz Commercial has appointed four regional distribution managers covering the South, North, Midlands and the South West, and London regions.
Hiscox sets sights on 5%-15% retail growth after subdued 2023
Hiscox is aiming to grow its UK retail business by 5% to 15% in 2024, after new business growth in 2023 fell “below management expectations”.
Lack of motor risk data leading to ‘inconsistent’ pricing
Thatcham Research and LexisNexis Risk Solutions have partnered to address the issues caused by the advancing complexity of vehicle technology and its associated data, Insurance Post can reveal.
FCA pauses all Gap insurance sales
The Financial Conduct Authority has ordered all providers of guaranteed asset protection insurance to pause selling the product by the end of this month.
Allianz returns fire on ‘embarrassing’ Revolut allegations
Allianz has hit back at Revolut in its latest filings in a lawsuit over a prematurely axed travel insurance deal.
Gallagher names Marsh’s Nick Harris as UK&I retail CEO
Gallagher has appointed Nick Harris, formerly CEO of Marsh’s Pacific division, as CEO of UK & Ireland retail broking.
Aviva confirms Lloyd’s return with £242m Probitas deal
Aviva has struck a deal to acquire Probitas, confirming its return to Lloyd's this morning (4 March).
Bspoke acquires Police Mutual personal lines business
Bspoke Group has completed the acquisition of Police Mutual personal lines business less than four years after the mutual was absorbed by Royal London.
Aviva and Howden partner; Ecclesiastical’s Cockrem to retire; Eurochange to launch travel insurance
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Motor insurance ‘as affordable now as it was in 2018’
Sabre CEO Geoff Carter has said that the burden of paying for motor insurance premiums is no worse now than it was in 2018.
Probitas offices painted ‘blood red’ again
A newfound protest group has emerged and targeted the London offices of three insurers in rage over fossil fuel projects.
iCan launches mentoring platform
iCan has launched a mentoring platform designed to meet the development needs of Generation Z workers entering the insurance industry “that are not being adequately met by the current system”.
Direct Line confirms it rejected ‘opportunistic’ Ageas bid
Direct Line has said it received an approach to buy the group from Ageas on 19 January, which it felt “significantly undervalued” the group and its prospects.
Campaigners unleash ‘digital mayhem’ on insurers
Three insurance firms have been digitally targeted by climate activists over their refusal to rule out support for fossil fuel projects.
Ageas mulls £3.1bn bid for Direct Line
Ageas has confirmed that it is in the “preliminary stages” of considering a £3.1bn bid for Direct Line.
Consumer Duty will be a success ‘when we stop talking about it’
According to a panel at the Association of British Insurers’ annual conference, the Financial Conduct Authority’s Consumer Duty has a way to go before it is considered a success.
RSA’s Frost named COO for Hiscox UK
Hiscox has appointed RSA’s mid-market managing director Cath Frost as UK chief operating officer, effective from 15 April.
Climate rebels storm insurer offices over support for ‘fossil fuel crooks’
Extinction Rebellion activists have occupied the offices of five insurers in the City of London,as the movement launches its week of action to stop the companies insuring “climate chaos”.
RSA to be ‘number one’ in commercial lines by end of 2025
RSA will be the best commercial lines and specialty insurance company by the end of 2025, according to Ken Norgrove, the provider’s CEO.
Frost to leave RSA amid appointments from NIG
RSA regions managing director Cath Frost is set to leave the business, as new appointments from NIG join the insurer’s new look commercial lines leadership team headed by Sonya Bryson.
Labour promises to rip up red tape for insurers
Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.